“China is the place, and this deal helps us keep manufacturing there,” Basic Fun! CEO Jay Foreman said earlier today after the U.S. and China reached a phase one trade deal that would provide some tariff relief.
China and the U.S. announced Friday they have reached a phase one trade deal including some tariff relief, increased agricultural purchases and structural change to intellectual property and technology issues.
China will also consider canceling retaliatory tariffs set for Sunday, according to Vice Finance Minister Liao Min. The agreement still needs to go through legal procedures as Washington and Beijing work toward setting a time for inking it. The world's two largest economies have scrambled to patch up a partial trade deal announced in October. Washington and Beijing announced an agreement following several mishaps and false starts during negotiations in a nearly two-year trade war.
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